{"id":1004036518,"date":"2012-02-14T05:41:06","date_gmt":"2012-02-14T13:41:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036518"},"modified":"2022-12-08T18:41:51","modified_gmt":"2022-12-09T02:41:51","slug":"carlson-real-estate-engages-eastdil-secured-for-5-5-msf-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carlson-real-estate-engages-eastdil-secured-for-5-5-msf-portfolio\/","title":{"rendered":"Carlson Real Estate Engages Eastdil Secured for 5.5 MSF Portfolio"},"content":{"rendered":"

February 14, 2012<\/strong>
\nBy Scott Baltic, Contributing Editor<\/em>
\n

\"\"<\/a>

Carlton Center East II, in Minnetonka, Minn.<\/p><\/div><\/p>\n

Carlson Real Estate Co. has engaged investment banking firm Eastdil Secured to \u201cassist in reviewing and evaluating strategic alternatives\u201d for CREC\u2019s 5.5 million-square-foot real estate investment portfolio in Minnesota, Arizona and North Carolina, Carlson announced Friday. Options could include \u201ca sale or joint-venture arrangement of its real estate business operations or portions of its portfolio,\u201d CREC said.<\/p>\n

There is no set timeline for the engagement, which CREC expects to continue over the first half of 2012, company spokesperson Josie Hemmingsen told Commercial Property Executive<\/em>.<\/p>\n

The announcement states, \u201cCREC intends for its next generation of new real estate investments to be more closely aligned with Carlson\u2019s enterprise-wide strategic objectives.\u201d To that Hemmingsen added: \u201cStrategic objectives include opportunities related to the hospitality business units of the organization.\u201d Although CREC itself owns almost solely office and industrial properties, family-\/privately held parent company Carlson owns Carlson Wagonlit Travel, the world\u2019s largest travel company, as well as Radisson and Country Inn hotels and the TGI Friday\u2019s restaurant chain.<\/p>\n

CREC manages its portfolio in-house. The company notes that most of its holdings \u201cwere planned and developed by CREC with a view toward long-term ownership,\u201d so time will tell whether this engagement with Eastdil will alter that approach.<\/p>\n

The flagships of CREC\u2019s holdings are Carlson Center, a business park surrounding the Carlson headquarters at the intersection of I-394 and I-494 in the western suburbs of Minneapolis, and a 36-story mixed-use project in downtown Minneapolis comprising the Radisson Plaza Hotel and Plaza Seven Office Tower.<\/p>\n

In Arizona, CREC owns the Cotton Corporate Center within Cotton Center, a 116,000-square-foot two-story office building together with a two-building 150,000-square-foot high-image flex product on 20 acres of a mixed-use business park in Phoenix, near Sky Harbor International Airport.<\/p>\n

In North Carolina, one of CREC\u2019s two industrial properties is the CLT Logistics Center, a 583,000-square-foot complex with flex\/light industrial buildings immediately south of Charlotte\/Douglas International Airport.<\/p>\n","protected":false},"excerpt":{"rendered":"

Carlson Real Estate Co. has engaged investment banking firm Eastdil Secured to “assist in reviewing and evaluating strategic alternatives” for CREC\u2019s 5.5 million-square-foot real estate investment portfolio in Minnesota, Arizona and North Carolina.<\/p>\n","protected":false},"author":1201,"featured_media":1004038854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21781,21782,21808,21748,13,21742,21747,21785],"tags":[],"class_list":["post-1004036518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-corporate-real-estate","category-development","category-featured","category-industrial","category-midwest","category-latest","category-office","category-property-management"],"acf":[],"yoast_head":"\nCarlson Real Estate Engages Eastdil Secured for 5.5 MSF Portfolio - 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